KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Saliu Oluwole     Oro Grammar School Old Students Association     Ajayi Okasanmi     Amada Jidda     Olaosebikan     Mazars Consulting     Haleeman Salman     AbdulRazaq Abubakar Jiddah     Eghe Igbinehin     Yakubu Mohammed Abdullahi     Smart School     Saidu Yaro Musa     Third Estate     Sidikat Akaje     Sodiya     Ilorin West     Abdulkarim Adisa     Dan-Kazeem     Baruten     Ministry Of Women Affairs And Social Development     Muslim Stakeholders Of Kwara State     Ibrahim Abdulkadir Abikan     Nigeria Governors\' Forum     Mope Dasuki Belgore     Ganmo Electricity Sub-Station     Ibrahim Labaika     Ike Ekweremadu     Saliu Tunde Bello     Aso-ofi     ER-KANG     Muhammad Akande Olarewaju Odunade     Wahab Kunle Shittu     Mukhtar Shagaya     Baba Issa     Muhammad Fawaz Abubakar     Ilorin Amusement Park     Rueben Parejo     Fareedah Dankaka     Bamidele Adegoke     Age AbdulKareem     AbdulGaniyu Kareem     Abdulrazak Shehu Akorede     Amosa     Kwara Liberation Group     Aliyu Adebayo     Saeedat Aliyu     Gobir     Ophthalmological Society Of Nigeria     Abdulkadir Jimoh     Muhammadu Gobir     Quarry Royal Valley     Omoniyi M. Ayinla     Geri-Alimi Split Diamond Interchange     Mustapha Akanbi     Ilorin Curfew     Okala Baba     Ben Duntoye     Okedare     Mary Kemi Adeosun     Admiralty Villa     Hamza Usman     Communication Network Support Services     Segun Adeniyi     Democracy Day     NURTW     Emmanuel Olatunji Adesoye     Balogun-Ojomu     Galadima     Sarafadeen Kayode Akorede     Kola Shittu     Mansurat Amuda-Kannike     Yusuf Amuda Gobir     Okeose Christian Cementary     Oke-Ode     Tanke Flyover Bridge     Umar Sanda Yusuf     Abdul Jimoh Mohammed    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Iyeru Grammar School     Mahmud Durosinlohun Atiku     Raimi Iyanda     Ayodele Kuburat Olaosebikan     Yoruba     QuickWin     Mahee Abdulkadir     Kwara State Television     Toyin Olayinka Tejidini     Firdaos Amasa     March 18     Oko Erin     Bamidele Aluko     Mahmud Ajeigbe     Musibau Akanji     HAMFAT Clinic And Maternity     Ahmad Belgore     Sulyman Buhari     Offa Poly     Kwara Restoration Project     Abdulfatah Ahmed     Lai Gobir     Kwara Poly     Kwara State Polytechnic     Oro Grammar School Old Students Association     Umar Gunu     Mutawali Of Ilorin     Bolakale Ayo     Taofeek Sanusi     Bilikis Oladimeji     Henry Makinwa     National Information Technology Development Agency     Kudirat Arinola Lawal     Mohammed Yahaya Barki     Guber Aspirant     Kola Ologbondiyan     Kamaldeen Gambari     Hajj     Yahaya A Paniyaro     Face Masks     Muhammad Ghali Alaaya     Women For Change And Development Initiative     Amos Bajeh     Risikat Lawal     Osuwa     Amos Justus Sayo     Oju Ekun Sarumi     Ajasse-Ipo     Ilofa     Ballah     Kayode Ishola     Saad Belgore     Kwara North     Abdulquowiyu Olododo     Ibrahim Gambari     Azeez Salawu     Iqra Books     Binta Abubakar Mora     Hassan A. Saliu     College Of Health     ENetSuD     Federal Road Maintenance Agency     National Association Of Nigerian Students     Durbar     Tsaragi/Share     Oke-Ode     Yinka Aluko     Shero     Abdulhakeem Adelaja Amao     Saliu Mustapha     Yahaya Muhammad     Abdulraheem Olesin     Saidu Isa     Chemiroy Nigeria Limited     T And K FOODS     EFCC     Sebastine Obasi